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Aricent seeks $75 million add-on term loan at discount of 99.75
By Sara Rosenberg
New York, Aug. 11 – Aricent Inc. is in market with a fungible $75 million add-on term loan (B) that is priced at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99.75, according to a market source.
The spread and floor on the add-on term loan matches existing term loan pricing.
KKR Capital Markets is the lead on the deal.
Commitments are due on Wednesday morning, and allocations are expected later that day, the source said.
Proceeds will be used to repay revolving credit facility borrowings that were used to fund the acquisition of SmartPlay Technologies, a product engineering services firm, and to add cash to the balance sheet.
Aricent is a Redwood City, Calif.-based pure-play product engineering services firm.
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